C Suisse 'headache'

Credit Suisse Still

Lei Jie, the chairman of China’s Founder Securities and its joint venture with Credit Suisse, can’t be contacted by Founder as the government questions executives at the company’s parent.

Bloomberg News reports that Lei asked for a week’s sick leave January 12 and the firm hasn’t been able to reach him since January 19, Founder Securities told Shanghai’s stock exchange Thursday night.

Founder Securities, China’s sixth-largest listed brokerage, and parent Peking University Founder Group are embroiled in disputes with billionaire Miles Kwok’s Beijing Zenith Holdings, the brokerage’s second-largest shareholder. In a public trading of accusations since late last year, Founder denied Zenith claims ranging from insider trading to misappropriating state assets.

'This is a headache for Credit Suisse - it’s a problem that nobody could have expected', Linus Yip, a strategist at First Shanghai Securities, said in Hong Kong by phone. 

To access the complete Bloomberg News article hit the link below:

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